Great Wall Motors Group (GWM) has signed a cooperation agreement with Thanh An Joint Stock Company to produce GWM models, including Tank and Haval, in the Vietnamese market.
According to Carsnewchina, on September 16, Great Wall Motor (GWM) signed a memorandum of cooperation with Thanh An Joint Stock Company (TAG) in Vietnam for CKD automobile assembly in the country. Per the agreement, the production and sale of these vehicles in Vietnam are expected to commence by the end of 2025.
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The signing ceremony and in-depth exchange on future cooperation vision were attended by Shi Qingke, Chairman of Great Wall International; Cui Xiaohui, Vice Chairman; Ruan Guohuan, Chairman of Chengan Group; and other senior executives.
GWM officially entered the Vietnamese market in August 2023 with the Haval H6 hybrid SUV, following the signing of a distribution agreement with TAG in January. At that time, it was believed that the vehicles would be imported from GWM’s production base in Thailand into Vietnam.
GWM is currently employing the “10+3+N” business model. This model comprises 10 factories in China, three overseas plants in Thailand and Mexico, and numerous KD assembly plants worldwide.
In January this year, GWM signed a CKD agreement with EP Manufacturing Berhad (EPMB), a Malaysia-listed corporation. This was the company’s first agreement in the ASEAN region. Additionally, another KD plant is under construction in Indonesia.
Vietnam is the fourth-largest automobile market in the ASEAN region. According to MarkLines, vehicle sales in Vietnam in 2023 amounted to 301,989 units, a 25.4% decrease from 2022.
Several Chinese automobile manufacturers have already established a presence in the Vietnamese market, with some even producing vehicles in the country. Notably, in May 2023, TMT Motors commenced the sale of the Wuling Hongguang Mini EV, manufactured at its plant in Hung Yen province. The first phase of the project entails an annual output of 30,000 units, with the second phase aiming for an increase to 60,000 units.
Previously, BYD had announced plans to open a factory in Vietnam, but this appears to have been delayed. Furthermore, BYD encountered challenges in expanding its dealer network in Vietnam when one of its primary dealer partners withdrew from the agreement.
TT (Tuoitrethudo)
References: Carsnewchina
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